After enduring the true severity of the downturn and years of restructuring talks, DOFG is finally restructured, but still levered, with an offering positioned between pure vessel owners and complex service providers. Its operational leverage is skewed towards the subsea segment, which is tightening amid increasing offshore activity and resulting in higher utilization and dayrate levels. As the bankruptcy process wiped out legacy shareholders and left creditors in control, deleveraging will be t ....
